Sirca Paints India Limited (SIRCA)
₹427.40 -0.41% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Sirca Paints' revenue was ₹130 Cr (+13.8% year on year, -3.0% on the previous quarter), and net profit ₹16.0 Cr (+12.6% year on year); the operating margin was 18.5%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹130 | +13.8% | -3.0% |
| Operating profit | ₹24.0 | +6.4% | -7.7% |
| Net profit | ₹16.0 | +12.6% | -11.1% |
| EPS (₹) | 2.85 | +10.0% | -8.4% |
| Operating margin | 18.5% | — | — |
SIRCA delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 31.49% of the SIRCA shares traded on NSE were taken to delivery, against the stock's own 20-session average of 36.74%. That is close to its usual level.
Delivery in the last 5 sessions: 38.0% · 17.5% · 29.2% · 29.4% · 31.5%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Sirca Paints India Limited submitted a clarification to the National Stock Exchange regarding its financial results for the quarter ended June 30, 2026. The exchange raised queries concerning non-machine-readable auditor details and identical standalone and consolidated figures. The company explained that the non-readable text was an inadvertent lapse in the auditor's signature format. Additionally, consolidated figures match standalone numbers because its subsidiary, Sirca Industries Limited, engaged in zero business activity with nil income or expenditure during FY26 and Q1 FY27.
- Clarification filed regarding financial results for the quarter ended June 30, 2026
- Company confirmed subsidiary Sirca Industries Limited undertook no business activities during FY 2025-26 and Q1 FY27
- Zero income or expenditure recorded in the subsidiary's books, leading to identical standalone and consolidated results
- Non-machine-readable format issue identified specifically at the Statutory Auditor's signature portion
Sirca Paints' shareholders have approved a final dividend of ₹2 per share (20% of face value) for FY26 during the 21st AGM held on August 11, 2026. The total dividend payout is approximately ₹11.36 crore, representing about 17.4% of the FY26 PAT of ₹65.3 crore. All four resolutions, including the adoption of financial statements and the re-appointment of Executive Director Mr. Apoorv Agarwal, were passed with nearly 100% of votes in favor. The company maintains its growth strategy targeting a 35-40% CAGR through FY30.
- Final dividend of ₹2 per equity share (20% of face value) approved for FY26.
- Total of 4,29,49,053 votes polled, representing 75.62% of the total 5,67,92,800 shares.
- Resolution for adoption of FY26 financial statements passed with 99.9999% votes in favor.
- Re-appointment of Executive Director Mr. Apoorv Agarwal approved with 99.9998% votes in favor.
- Company reported 37,906 total shareholders as of the record date.
Sirca Paints India Limited successfully conducted its 21st Annual General Meeting (AGM) on August 11, 2026, via video conferencing. The management addressed shareholders regarding the company's FY26 performance, which saw TTM revenue reach ₹492.19 crore and PAT at ₹65.34 crore. Notably, the Auditor’s and Secretarial Audit reports for FY26 contained no qualifications or adverse remarks. Voting results for the four proposed resolutions will be declared separately within the stipulated regulatory timelines.
- AGM conducted on August 11, 2026, concluding in approximately 47 minutes (12:30 PM to 1:17 PM)
- Auditor’s Report for the financial year ended March 31, 2026, contained zero qualifications or adverse observations
- Remote e-voting facility was provided to members from August 6 to August 10, 2026
- Management discussed the FY26 performance, including a TTM OPM of 20.1% and PAT of ₹65.34 crore
- Four specific resolutions (Item Nos. 01 to 04) were put to vote during the meeting
Sirca Paints India Limited has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The document, issued by KFin Technologies Limited, confirms that the details of securities dematerialized or rematerialized during the quarter ended June 30, 2026, have been duly furnished to the stock exchanges. This is a standard procedural filing required for all listed companies to ensure the integrity of shareholding records. It has no impact on the company's financial health or business operations.
- Compliance certificate submitted for the quarter ended June 30, 2026
- Issued by Registrar and Share Transfer Agent (RTA), KFin Technologies Limited
- Confirms adherence to SEBI Regulation 74(5) regarding share dematerialization
- Filing submitted to both NSE and BSE on July 28, 2026
Sirca Paints reported a 13.8% YoY revenue growth to ₹130.01 Cr for Q1 FY27, with PAT rising 14.1% to ₹16.21 Cr. Despite the growth, EBITDA margins compressed to 18.62% from 19.90% due to industry-wide price corrections and channel discounting. A major operational milestone was achieved with the integrated Wembley manufacturing facility becoming fully operational, which is expected to improve cost economics through localization of acrylic and polyester systems.
- Revenue grew 13.80% YoY to ₹130.01 Cr, representing approximately 26% of TTM revenue.
- Net Profit (PAT) increased 14.07% YoY to ₹16.21 Cr despite margin pressures.
- EBITDA margins declined to 18.62% from 19.90% due to price corrections and higher discounting.
- The new integrated Wembley manufacturing facility is now fully operational, consolidating multiple production lines.
- Digital loyalty program 'Sirca Parivaar Pro' reached a milestone of 25,000+ registered contractors.
Sirca Paints India Limited has confirmed zero deviation in the utilization of ₹75.29 crore raised through a preferential issue in September 2025. As of the quarter ended June 30, 2026, the company has utilized approximately ₹19.24 crore of the total proceeds. The primary expenditures include ₹13.16 crore for new manufacturing capex and ₹4.29 crore for general corporate purposes. A significant balance of ₹56.05 crore remains unutilized, including the entire ₹6 crore allocated for distribution and brand promotion.
- Total funds raised via preferential issue on September 11, 2025, amounted to ₹75.29 crore.
- ₹13.16 crore utilized for new capex at Sirca Welcome and Wembley facilities out of ₹35.00 crore allocated.
- ₹4.29 crore fully utilized for General Corporate Purposes as per the original allocation.
- ₹0.00 utilized for Distribution Channel and Brand Promotion against an allocation of ₹6.00 crore.
- ₹1.79 crore utilized for Working Capital requirements out of an allocated ₹30.00 crore.
Sirca Paints reported a steady Q1 FY27 with consolidated revenue at ₹130.01 Cr, up 13.8% YoY from ₹114.24 Cr. Net profit increased 14.1% YoY to ₹16.21 Cr, while EPS rose to ₹2.85 from ₹2.59. Sequentially, performance was slightly lower than the March 2026 quarter (Revenue ₹134.29 Cr, PAT ₹17.71 Cr). A notable increase in raw material costs (₹58.70 Cr vs ₹41.62 Cr YoY) suggests some margin pressure despite the top-line growth.
- Consolidated Revenue from Operations reached ₹130.01 Cr, a 13.8% YoY increase from ₹114.24 Cr
- Consolidated Net Profit grew 14.1% YoY to ₹16.21 Cr from ₹14.20 Cr
- Cost of materials consumed rose sharply by 41% YoY to ₹58.70 Cr compared to ₹41.62 Cr
- Earnings Per Share (EPS) for the quarter stood at ₹2.85, up from ₹2.59 YoY
- Total Expenses increased to ₹109.47 Cr, representing a 14.9% YoY rise
Sirca Paints has released its FY2025-26 Annual Report and scheduled its 21st AGM for August 11, 2026. The company reported a significant revenue increase of 31.79% to ₹492.48 crore, driven by the integration of the Wembley and Welcome brands. Operational highlights include the expansion of the Sirca Parivaar Pro platform to over 25,000 contractors and the launch of the Valentino mass-premium range. The company is transitioning into a multi-brand coatings platform, serving segments from economy to ultra-luxury.
- Revenue from operations grew 31.79% YoY to ₹492.48 crore in FY26.
- Sirca Parivaar Pro platform now connects more than 25,000 contractors nationwide.
- The company serves a large OEM segment of over 1,400+ furniture and kitchen manufacturers.
- AGM scheduled for August 11, 2026, with a record date of August 31, 2026.
- Consolidation of Wembley manufacturing units into a single facility was targeted for completion by Q4FY26.
Sirca Paints has released its Business Responsibility and Sustainability Report (BRSR) for FY 2025-26, detailing its operational structure and ESG metrics. Manufacturing now accounts for 76.58% of turnover, while trading contributes 23.42%, reflecting a shift toward in-house production. The company remains heavily reliant on the retail segment, which generates 70% of revenue through a network of 4,000+ dealers. Notably, product-related complaints saw a significant reduction, falling from 212 in the previous year to 87 in FY26.
- Manufacturing activities contributed 76.58% of the total turnover for FY 2025-26.
- Retail segment remains the primary revenue driver at 70%, supported by 4,000+ dealers and 20+ branches.
- OEM segment serves a diversified base of 900+ clients, contributing 30% of total revenue.
- Product-related complaints decreased by approximately 59% year-on-year, from 212 to 87.
- Total workforce as of March 31, 2026, consists of 603 employees and 209 workers.
Sirca Paints India Limited has released its FY2025-26 Annual Report, reporting a 31.79% year-on-year revenue growth to ₹492.48 crore. The company has scheduled its 21st Annual General Meeting (AGM) for August 11, 2026, via video conferencing. Key strategic developments include the successful integration of the Wembley and Welcome brands and the launch of 'Valentino' to target the mass-premium segment. The company is also consolidating its Wembley manufacturing units into a single facility, expected to be operational by Q4FY26.
- Revenue from operations increased by 31.79% to ₹492.48 crore in FY26 compared to the previous year
- The 21st AGM is scheduled for August 11, 2026, with a cut-off date for e-voting set for August 4, 2026
- The Sirca Parivaar Pro digital platform has scaled to connect more than 25,000 contractors nationwide
- Consolidation of three Wembley manufacturing units into one integrated facility is on track for Q4FY26 completion
- The company maintains a low debt-to-equity ratio of 0.07 with a net worth of ₹475 crore
Sirca Paints India Limited has fixed July 31, 2026, as the record date for a final dividend of ₹2 per equity share for the financial year ended March 31, 2026. This payout represents 20% of the ₹10 face value and is subject to shareholder approval at the Annual General Meeting (AGM) on August 11, 2026. Based on the current market price of ₹391, the dividend yield is approximately 0.51%. The dividend will be disbursed within 30 days of the AGM approval.
- Final dividend of ₹2 per equity share recommended for FY2025-26
- Record date for determining shareholder eligibility is July 31, 2026
- Annual General Meeting (AGM) scheduled for August 11, 2026
- Dividend payout represents approximately 17.2% of the TTM EPS of ₹11.63
- Payment to be completed within 30 days from the date of the AGM
Sirca Paints India Limited has scheduled its 21st Annual General Meeting (AGM) for August 11, 2026, to be conducted via video conferencing. The Board of Directors approved the Annual Report for the financial year ended March 31, 2026, during their meeting on July 17, 2026. This is a routine administrative filing following the conclusion of the fiscal year. Investors should monitor the upcoming Annual Report for detailed updates on the Wembley brand integration and the commissioning of the new integrated production facility.
- Board meeting held on July 17, 2026, commenced at 04:00 P.M. and concluded at 04:30 P.M.
- 21st Annual General Meeting (AGM) scheduled for Tuesday, August 11, 2026, at 12:30 P.M.
- Annual Report for the financial year ended March 31, 2026, has been approved by the Board.
- AGM to be conducted through Video Conferencing (VC) or Other Audio-Visual Means (OAVM).
Sirca Paints India Limited has announced the closure of its trading window effective July 01, 2026. This is a standard regulatory requirement under SEBI (Prohibition of Insider Trading) Regulations for the consideration of unaudited financial results for the quarter ending June 30, 2026. The window will remain closed for all designated persons, including directors and promoters, until 48 hours after the results are declared. Investors should note that this is a procedural filing and does not indicate specific financial performance.
- Trading window closed starting July 01, 2026
- Closure pertains to the financial results for the quarter ending June 30, 2026
- Window to reopen 48 hours after the official declaration of results
- Restriction applies to all Designated Persons including Directors, Promoters, and Employees
Sirca Paints' promoter group, led by Mr. Sanjay Agarwal, has submitted its annual declaration under SEBI (SAST) Regulations for the financial year ended March 31, 2026. The promoters confirmed a holding of 3,70,22,020 equity shares, which aligns with the reported 65.19% stake. Most importantly, the filing declares that no shares were encumbered or pledged, directly or indirectly, during the fiscal year. This confirms the absence of leverage-related risks at the promoter level.
- Promoter group holds 3,70,22,020 equity shares as of March 31, 2026
- Zero encumbrance or pledge of shares reported for the entire financial year 2025-26
- Promoter holding remains stable at 65.19% of the total equity capital
- Declaration submitted in compliance with Regulation 31(4) of SEBI (SAST) Regulations
Sirca Paints India Limited has approved its audited standalone and consolidated financial results for the fiscal year ended March 31, 2026. The Board has recommended a final dividend of 20%, which translates to ₹2 per equity share of face value ₹10. The statutory auditors, M/s Rajesh Kukreja & Associates, have issued an unmodified audit report, confirming the accuracy and fairness of the financial statements. This announcement was made in response to a clarification sought by the Exchange regarding Regulation 33 compliance.
- Board approved audited standalone and consolidated financial results for the year ended March 31, 2026.
- Recommended a final dividend of ₹2 per equity share (20% of face value).
- Statutory auditors issued an unmodified opinion on the annual financial results.
- The dividend is subject to shareholder approval at the upcoming 21st Annual General Meeting.
- The company clarified its financial reporting in compliance with SEBI Listing Obligations and Disclosure Requirements.
Financial Performance
Revenue Growth by Segment
Overall revenue from operations grew 24.37% YoY to INR 131.17 Cr in Q2FY26, up from INR 105.46 Cr. The growth was primarily driven by a better product mix and high-value product sales. While specific segment percentages aren't fully broken down, the Sirca standalone brand remains the primary driver, while Welcome and Wembley brands are currently being integrated.
Geographic Revenue Split
The company maintains a strong legacy presence in North India. It is aggressively expanding into the West and South regions, having opened 7 new depots in the current financial year in locations including Surat, Hyderabad, Bangalore, Chennai, and Kerala.
Profitability Margins
Profit After Tax (PAT) increased 36.30% YoY to INR 18.10 Cr in Q2FY26, compared to INR 13.28 Cr in the previous year. This growth is attributed to improved operational efficiencies and a shift toward higher-margin products.
EBITDA Margin
EBITDA margin expanded to 20.89% in Q2FY26 from 17.98% in Q2FY25, a significant improvement driven by lower raw material costs (specifically solvents) and increased sales of high-value products like acrylics. EBITDA rose 44.52% YoY to INR 27.40 Cr.
Capital Expenditure
The company has planned a new Capex of INR 35.00 Cr for Sirca Welcome and Wembley manufacturing facilities, with INR 4.66 Cr utilized as of September 30, 2025. Total funds raised through a preferential issue amounted to INR 75.29 Cr.
Credit Rating & Borrowing
Not disclosed in available documents; however, the company utilizes advance hedging and disciplined financial planning to manage market volatility.
Operational Drivers
Raw Materials
Key raw materials include solvents and acrylic resins. Solvents saw price relaxations in Q2FY26, which directly contributed to the expansion of gross margins.
Import Sources
Not specifically disclosed, but the company mentions exposure to foreign exchange and global standards, indicating international sourcing for specialized Italian coatings.
Capacity Expansion
Sirca is consolidating three existing Wembley manufacturing units into a single integrated production facility. This facility is currently under commissioning and is expected to be operational by Q4FY26 to improve scalability and cost optimization.
Raw Material Costs
Raw material costs were favorable in Q2FY26 due to relaxation in solvent prices. The company uses a diversified supplier base and long-term contracts to mitigate inflationary pressures.
Manufacturing Efficiency
The consolidation of Wembley units is specifically designed to achieve higher manufacturing productivity and operational agility, targeting a better margin profile upon completion in Q4FY26.
Logistics & Distribution
Sirca has over 4,000 distribution points across India and utilizes a digital loyalty app (Sirca Parivaar Pro) with 25,000+ registered contractors to streamline the distribution ecosystem.
Strategic Growth
Expected Growth Rate
35-40%
Growth Strategy
Growth will be achieved through the consolidation of the Wembley brand, which is expected to drive a 35-40% CAGR till FY30. Strategy includes expanding the distribution network in South and West India, launching new product ranges under the Wembley brand, and increasing the sales mix of high-value products like waterborne PU and acrylics.
Products & Services
Italian PU coatings, wood finishes, NC sealers, lacquers, waterborne PU, low-VOC finishes, specialized textures, and acrylic-based systems.
Brand Portfolio
Sirca, Sirca Welcome, Wembley, and Sirca Parivaar (App).
New Products/Services
New product ranges in Wembley and high-value acrylic systems are being launched to capture growth in the premium coatings segment.
Market Expansion
Targeting West and South India by opening new depots in Surat, Hyderabad, Bangalore, Chennai, and Kerala to reduce regional concentration.
Strategic Alliances
Integration of the Welcome and Wembley brands into the Sirca ecosystem to leverage combined manufacturing and distribution strengths.
External Factors
Industry Trends
The industry is shifting toward organized manufacturing and eco-friendly products. Sirca is positioning itself with waterborne and low-VOC coatings to lead this transition.
Competitive Landscape
Operates in a highly competitive environment with both established national players and new entrants; Sirca differentiates through product innovation and contractor loyalty programs.
Competitive Moat
Strong brand recall ('Your Italian Autograph'), a massive network of 25,000+ registered contractors, and a niche focus on premium Italian wood coatings provide a durable competitive advantage.
Macro Economic Sensitivity
Sensitive to GST reforms, monsoon duration, and festive season timing, which impact short-term retail demand.
Consumer Behavior
Increasing consumer preference for premium, durable, and sustainable home finishes is driving demand for Sirca's high-end PU and acrylic lines.
Geopolitical Risks
Global economic volatility and changes in international trade policies could impact the cost of imported Italian formulations.
Regulatory & Governance
Industry Regulations
Complies with global safety and quality standards through a dedicated Corporate Quality & Safety (CQS) team; monitors evolving product quality regulations.
Environmental Compliance
Proactively adapting to emerging environmental and safety regulations by developing low-VOC and waterborne product lines.
Taxation Policy Impact
Subject to Indian corporate tax rates and GST; recent GST reforms were noted as a factor impacting the business environment in Q2FY26.
Risk Analysis
Key Uncertainties
Fluctuations in global solvent prices and the successful integration of the Wembley manufacturing facility by Q4FY26 are the primary uncertainties.
Geographic Concentration Risk
High concentration in North India (legacy market), which the company is mitigating by expanding into South and West India.
Third Party Dependencies
Dependent on suppliers for solvents and specialized raw materials; mitigated through a diversified supplier base.
Technology Obsolescence Risk
Risk of falling behind in digital or coating technology; mitigated by the Sirca Parivaar Pro App and continuous R&D in advanced coatings.
